France is paying a heavy price for Macron’s vaccine catastrophe
The United States is growing at such a blistering pace the Federal Reserve may have to raise interest rates. In Britain, retail sales grew by nine per cent this month, the fastest pace on record, as the economy opened up again. Around the world, economies are starting to bounce back strongly from the Covid-19 crisis. Except for one: France. We learned today that the country is now officially in a double-dip recession. The explanation? That is easy. It made a complete hash of its vaccination programme. In the first-quarter of this year, revised figures showed that France’s output shrank by 0.1 per cent. That followed a 1.5 per cent contraction in the final quarter of 2020, making two consecutive quarters of falling output, the standard definition of a recession.